The Purdue/CME Group Ag Economy Barometer moved higher again in February. At 140 points, producer sentiment, which is based on a monthly survey of 400 agricultural producers from across the country, reached its second-highest level in more than two years.

Sentiment is also higher for the second-consecutive month, providing a strong 14-point boost to the index compared to December 2017.

As part of the monthly survey, producers were asked about trade. Farmers indicated they remain optimistic regarding trade but note uncertainty regarding the future of the North American Free Trade Agreement.

Despite that uncertainty, the majority of producers expect exports of agricultural products to increase, or hold steady, over the next five years.

Finally, over two-thirds of producers responding to the February survey expect soybeans to be more profitable in 2018 than corn. However, only ten percent of producers said they plan to increase their soybean acreage compared to last year.

For more on producers' trade expectations and planting intentions, read the full February Ag Economy Barometer report, by clicking over to our website.

American Farm Bureau Federation President Zippy Duvall, issued a statement Tuesday after the Senator's announcement thanking him for his career-long service to agriculture calling him, "a champion for farmers, ranchers and rural communities in his home state of Mississippi and across the nation."

  

During the 2018 Commodity Classic in Anaheim, our own Carson Horn had the chance to speak with Phil Seng, former president and chief executive officer for the US Meat Export Federation. Although he is now retired, Seng still engages in contract work from time to time with the USMEF. With hints from the White House in recent days about President Donald Trump's softening on the Trans-Pacific Partnership trade deal that he withdrew from to the dismay of those in agriculture after coming into office, Seng offered his perspective on what rejoining TPP might mean for the beef industry and just how realistic accomplishing that goal might actually be. The word is that Trump might consider rejoining the pact - if the terms were tweaked to benefit the US a bit more. With the deal basically done, though, and a signing ceremony already scheduled for later this week, Seng says playing catch-up at this point may prove impossible.


"Frankly, TPP was ratified on December 9th of 2016 in Japan. As far as the TPP covenants if you will. Now you have 11 countries that are going forward to ratify this which will be done on March 8th of this year, which is very soon," Seng said. "So, it's going to be very difficult, because to change thing od any consequence all 11 of these countries would have to vote to change things. I just don't see that coming because politically, it was so arduous to get to where they are now, to go back and change this. It's just probably not going to be realistic."


Seng believes in being realistic when it comes to trade on what can actually be achieved. Given the complexity of the issue, he says the best thing for the industry right now, is for the US to just rejoin TPP as it exists now. If not, though, the good news is that the US is not completely out of these markets altogether. However, Seng says we will have to work very hard to stay relevant in these countries.


"We have to continue to work with our valued buyers in these markets," he said. "We have partners we've worked with for 30 years, so they know the product. But, again, the competition is very intense. So, what we have to do and all we really can do is rely on doing more promotion and activities to reassure them of our commitment."